When selling a second home, it is essential to understand capital gains taxes, which can reach up to 20%. While primary residences may be exempt from some taxes thanks to specific laws, vacation homes and rental properties aren't. It's vital to have a comprehensive estate plan to manage these taxes effectively, as they are applied only to the net gains from the sale. By knowing the ins and outs of capital gains tax, homeowners can better protect their investments and ensure their dreams don't turn into tax burdens.
Capital gains taxes can significantly impact the profit from selling a second home if you don't have an estate plan in place.
Understanding capital gains tax calculations is crucial, as only the net gain from the sale is subject to taxation.
Collection
[
|
...
]